FirstEnergy (FE) Q2 Earnings Meet Estimates

Core Viewpoint - FirstEnergy reported earnings of $0.55 per share, exceeding expectations, but revenues of $3.28 billion fell short of estimates, indicating mixed performance in the latest quarter [1][7]. Financial Performance - FirstEnergy's revenues for the quarter ended June 2024 were $3.28 billion, missing the Zacks Consensus Estimate by 5.58%, compared to $3.01 billion in the same quarter last year [1]. - The company has not surpassed consensus revenue estimates in the last four quarters [1]. - The current consensus EPS estimate for the upcoming quarter is $0.89 on revenues of $3.97 billion, and for the current fiscal year, it is $2.70 on revenues of $14.71 billion [4]. Stock Performance - FirstEnergy shares have increased by approximately 13.3% since the beginning of the year, while the S&P 500 has gained 14.5% [2]. - The stock has a Zacks Rank of 2 (Buy), indicating expectations of outperforming the market in the near future [11]. Industry Context - The Utility - Electric Power industry is currently ranked in the top 29% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [12]. - NRG Energy, a competitor in the same industry, is expected to report revenues of $4.48 billion, down 29.4% from the previous year [6].